Willfar(SH:688100) Western Securities·2025-10-26 13:45Investment Rating - The investment rating for the company is "Buy" [5][11]. Core Insights - The company reported a revenue of 2.112 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 8.80%. The net profit attributable to shareholders was 554 million yuan, up 11.45% year-on-year, while the net profit after deducting non-recurring items was 474 million yuan, reflecting a growth of 12.24% [2][5]. - The third quarter showed stable growth with a revenue of 744 million yuan, a year-on-year increase of 3.54%. The net profit for the quarter was 169 million yuan, up 12.24% year-on-year, indicating a steady performance [2][3]. - The company maintains a healthy financial position with a cash flow from operating activities of 401 million yuan, a year-on-year increase of 1.95%. R&D investment was 167 million yuan, accounting for 7.90% of revenue, and the debt-to-asset ratio stood at 38.82% [2][3]. Summary by Sections Revenue and Profitability - Domestic revenue for the first three quarters was 1.705 billion yuan, growing 6.21% year-on-year, accounting for 81.09% of total revenue. Overseas revenue reached 398 million yuan, up 20.98%, making up 18.91% of total revenue [3]. - The company had a backlog of contracts amounting to 3.824 billion yuan as of Q3 2025, with new contracts signed totaling 2.494 billion yuan, marking a year-on-year growth of 1.55% in backlog [3]. Shareholder Returns - The company has maintained a stable cash dividend payout ratio of 40% since 2022, distributing 122 million yuan in mid-year dividends. Additionally, a share buyback program was completed, with a total expenditure of 150 million yuan for repurchasing 4.2314 million shares [3][5]. Earnings Forecast - The company is projected to have earnings per share (EPS) of 1.54, 1.88, and 2.32 yuan for the years 2025, 2026, and 2027, respectively. The price-to-earnings (P/E) ratios are expected to be 23, 19, and 15 times for the same years [3][4].